The upper income folk eat small overpriced meals, and pay huge prices for tiny apartments in Manhattan as the middle-class treads water. I keep wondering whether we are more like the last days of either the Roman or Ottoman Empires. Another LOU boring fact check: Home ownership since the great recession/depression/whatever has actually dropped 2 percent among White Americans and a huge 6 percent for ethnic Americans since the 1990’s. I believe that in aggregate home ownership in America is just about at the 48 percent level, what a great recovery. And as the Democrats remain shocked and dismayed at the dismal economic growth of under 2 percent, and unemployment actually somewhere between 7.5 and 9 percent it doesn’t look to good for any substantial housing recovery. Another fact to consider is that many old people due to the growing income gap were actually tapping into the retirement funds (IRA/401K) funds BEFORE the (whatever) recession even started. And tens of thousands remain in homes whose mortgages are larger than the value of the house, rather doubt that they will be "moving up" anytime soon...

9:07 pm August 10, 2013

CS wrote:

Have you ever played monopoly? Well Board Walk is one of the best places to have ownership. New York is "Board Walk" rhetorically speaking. First Manhattan, then Brooklyn, Queens, and now the Bronx is the last Borough to have affordable rent before it too shifts from the by gone day's of cheap rent or ownership. The Real Estate in New York is recession proof. Many of the working class are moving by the droves to the outer boroughs and establishing residence in areas that was once blighted. These areas are slowly changing from disenfranchised urban areas to modern up and coming communities. The suburban taxes, commute, floods, Insurance increases, and endless surcharges are no longer affordable and/or in-vogue!
The super rich already live in Manhattan. Where do you think the rich and the middle class are going to live? Yes! The other boroughs. You better "buy" before your "priced out." You think that can't happen? "Brooklyn Heights" used to be a "ghetto." How much does it cost to buy or rent in Brooklyn Heights now? What about the people who endlessly depend on subsidies? They'll simply be priced out of New York just like Brooklyn Heights. Detroit is an example of a city that caters to a entitlement state of mind. If the majority of people live off of the system, and drain it's resources instead of replenishing it's life flow of finances you end up bankrupt. Right now you can move up in New York. If you wait too long, the only thing you''ll be doing is moving out!

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